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I recently paid my former spouse about $24k as a lump sum…

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I recently paid my...

I recently paid my former spouse about $24k as a lump sum from my Federal CSRS retirement.This was mandated in a QRDO in our 1989 divorce settlement.Since OPM paid me that $24k this tax year and since my former spouse has to report it as pension income,then do I get to subtract the $24k from total pension income received from OPM for this year's Form 1040?

Submitted: 1 month ago.Category: Tax
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12/29/2017
Tax Professional: Lev, Tax Advisor replied 1 month ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 31,221
Experience: Taxes, Immigration, Labor Relations
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If you requested distribution - that distribution will be reported to you on form 1099R and will be taxable for you.

You may NOT be subtract the amount you paid to your ex-spouse as a property settlement on your tax return.

According to QRDO procedure - your account must be divided by the administrator of your retirement fund - not by you - and distribution should be paid directly to your ex-spouse per her request.

In this case form 1099R woudl be issued to your ex-spouse - using her name and her SSN - and woudl not be reported as your income.

Sorry if you expected differently.

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Tax Professional: Lev, Tax Advisor replied 1 month ago

See here

https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-qdro-qualified-domestic-relations-order

A spouse or former spouse who receives QDRO benefits from a retirement plan reports the payments received as if he or she were a plan participant. The spouse or former spouse is allocated a share of the participant's cost (investment in the contract) equal to the cost times a fraction. The numerator of the fraction is the present value of the benefits payable to the spouse or former spouse. The denominator is the present value of all benefits payable to the participant.

...

An individual may be able to roll over tax-free all or part of a distribution from a qualified retirement plan that he or she received under a QDRO. If a person receiving QDRO payments is either the employee's spouse or former spouse (not as a nonspousal beneficiary), then he or she can roll it over, just as if he or she were the employee receiving a plan distribution and choosing to roll it over.

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